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The Chairman and Vice-Chairman SIT on Black Money & Former Judges of the Supreme Court of India Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister Shri Arun Jaitley The Government has taken a bold step to demonetize ₹ 500 and ₹ 1000 notes

News and Press Release - Dated:- 12-11-2016 - The Chairman, SIT on Black Money & Former Judge of the Supreme Court of India, Justice MB Shah and Former Judge of the Supreme Court of India &Vice- Chairman, SIT on Black Money, Justice Arijit Pasayat has stated that the Government has taken a bold step by demonetizing ₹ 500 and ₹ 1,000 notes. In a jointly written letter to the Union Finance Minister, Shri Arun Jaitley, both the Former Judges of the Supreme Court of India have fu .....

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bove: (i) Instructions be issued to banks to report to CBDT or FIU, the transactions which fall in the following category: Large cash deposits are made in any account above a particular threshold. The threshold need not be made public or it shall encourage people who deposit black money to do so below the threshold prescribed. All such deposits be analyzed in reference to known sources of income of the person and heavy penalty and prosecution should follow in case the deposit is beyond the known .....

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